Since our last analysis, gold has been trading upwards, as we expected, the price tested again the level of 1,254.79 on average volume.We can alsoВ observe that demand has entereted the market at 1,244.00 which is a sign that selling at this stage looks risky. If the price breaks the level of 1,256.00 (FE 61.8) on high volume, we may see testing next upper stations at 1,279.00 and 1,295.00.Do not forget, gold is in bearish trend and we are now in bullish corrective phase. In case that the price starts smaller bearish movement, we may see testing levels around 1,240.00-1,227.00 before another bullish movement. Selling gold at this stage looks risky since gold is in progress of bullish corrective phase if the price breaks 1,256.00 . Watch for buying opportunities above the level of 1,256.00.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,254.75
R2: 1,257.41
R3: 1,261.73
Support levels:
S1: 1,246.11
S2: 1,243.45 В
S3: 1,239.13 В
Trading recommendation: Trading the metal, be careful with selling gold and try to catch bullish corrective phase.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Since our last analysis, gold has been trading upwards, as we
expected, the price tested again the level of 1,254.79 on average volume.We can
alsoВ observe that demand has entereted
the market at 1,244.00 which is a sign that selling at this stage looks risky.
If the price breaks the level of 1,256.00 (FE 61.8) on high volume, we may see testing next upper stations at 1,279.00 and 1,295.00.Do not forget, gold is in bearish
trend and we are now in bullish corrective phase. In case that the price starts
smaller bearish movement, we may see testing levels around 1,240.00-1,227.00
before another bullish movement. Selling gold at this stage looks risky since gold
is in progress of bullish corrective phase if the price breaks 1,256.00 . Watch for
buying opportunities above the level of 1,256.00.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,254.75
R2: 1,257.41
R3: 1,261.73
Support levels:
S1: 1,246.11
S2: 1,243.45 В
S3: 1,239.13 В
Trading recommendation: Trading the metal, be careful with
selling gold and try to catch bullish corrective phase.
The material has been provided by InstaForex Company – www.instaforex.com
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